Navin Fluorine International, a Arvind Mafatlal Group Company, and Piramal Enterprises (PEL), one of India’s largest diversified companies, have agreed to form a joint venture company (JVC) to develop, manufacture and sell specialty Fluorochemicals with specific focus on applications in healthcare.
Piramal Enterprises will hold 51% of the equity share capital of the proposed Joint Venture Company and the remaining 49% will be held by Navin. In the first phase of development, the JVC is expected to invest around Rs 120 crore in India.
The strategic joint venture leverages Navin’s fluorochemicals capabilities and Piramal’s strong presence in healthcare. With the increasing importance of fluorine in life sciences, there is a considerable potential to exploit synergies between the two companies.
Navin Fluorine owns one of India’s largest integrated flurochemicals complexes. It produces a wide range of flurochemicals in the bulk and specialty segment. It has developed more than 40 products on commercial scale using indigenously built multipurpose plants and product technologies.